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Is it legal to pledge a hypothecated car?
10-Nov-2023 (In Civil Law)
Due to emergency financial problems, I pledged my new car for 2 lakhs to a private party which is already under hypothecation in Bank,Is it legal? or will it cause any issues if the bank comes to now about this?
HELLO !
IT IS A CIVIL WRONG AND ILLEGAL.YOU SHOULD NOT HAVE PLEDGED YOUR VEHICLE TO A THIRD PARTY WHEN THE VEHICLE IS IN HYPOTHECATION. PROBLEM WILL ARISE ONLY WHEN YOU DEFAULT IN EMI PAYMENT. CALL ME FOR FURTHER SAFEGUARDING YOUR INTEREST.PL
IT IS A CIVIL WRONG AND ILLEGAL.YOU SHOULD NOT HAVE PLEDGED YOUR VEHICLE TO A THIRD PARTY WHEN THE VEHICLE IS IN HYPOTHECATION. PROBLEM WILL ARISE ONLY WHEN YOU DEFAULT IN EMI PAYMENT. CALL ME FOR FURTHER SAFEGUARDING YOUR INTEREST.PL
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Adv. B. Sivasubramanian
Chennai | 200+ Answers
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